Why do I need to assess the status of accounting and tax records in my company?
- To identify errors in reports and records
- To establish or change business tactics
- To assess the competence of the financial/accounting department
- To avoid fines from government
- To prepare the company for a scheduled/unscheduled audit by tax inspections
An assessment of the status of accounting and tax records does not constitute a full audit, but rather a way to identify any obvious or unknown problems with a company’s records.
The advantage of such an assessment is that it is efficient and inexpensive, and it also gives you the opportunity to independently correct any issue and eliminate any violations revealed during the audit. However, sometimes this assessment may reveal that more serious measures need to be taken with the participation of professional auditors in order to:
- Make changes to accounting and tax records
- Initiate an audit
- Restore accounts
- Identify the need to liquidate a company
When is the best time to assess the status of accounting and tax records in my company?
- Before submitting an annual balance sheet or tax reports
- Before selling or buying a company
- Before dismissing a chief accountant or CEO
- Before a tax audit
Our experts can provide a full range of services related to assessing the status of accounting and tax records:
- Analyze operational and financial reports
- Verify that accounting entries are error free, that declarations and reports for government bodies have been filled in and submitted correctly
- Clarify the amount of tax payments and conduct an analysis of the applied tax benefits and deductions
- Prepare a written report indicating any errors and inconsistencies found in the accounting and tax records